Credit - CoinDesk
Dec 9, 2022 at 7:33 p.m.
Updated Dec 10, 2022 at 2:39 a.m.
10 Dec 2022
The crypto exchange's founder tweeted his support for influencer Ran Neuner's revival idea, sending the battered tokens as much as 47% higher.
FTT, the native cryptocurrency of the failed FTX crypto exchange, surged Friday after the platform's founder, Sam Bankman-Fried, came out in support of an exchange revival plan proposed by a crypto influencer Ran Neuner.
"I continue to think that this would be a productive path for parties to explore! I *hope* that the teams in place will do so," Bankman-Fried tweeted in response to Neuner's proposal to restart FTX by issuing a new FTT token and giving it to creditors and depositors.
Neuner, the host of CNBC's "Crypto Trader" show that launched in 2020, recommended distributing 100% of profits to token holders, adding that the idea would reestablish FTX as a dominant player and make users whole.
"Neuner's proposal is equivalent to a debt restructuring plan," said Griffin Ardern, a volatility trader from crypto asset management firm Blofin. "Sam's support for the same seems to have revived hope among investors that they would get their funds back."
The FTT token surged as much as 47% to $1.97, the highest since Nov. 16, after Bankman-Fried's tweet at 08:18 UTC, TradingView data show.